(1)The Authority may give a direction under this section if it appears to the Authority that—
(a)one or more of the requirements for the making of an authorisation order are no longer satisfied;
(b)the manager or trustee of an authorised unit trust scheme has contravened, or is likely to contravene, a requirement imposed on him by or under this Act;
(c)the manager or trustee of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular; or
(d)none of paragraphs (a) to (c) applies, but it is desirable to give a direction in order to protect the interests of participants or potential participants in such a scheme.
(2)A direction under this section may—
(a)require the manager of the scheme to cease the issue or redemption, or both the issue and redemption, of units under the scheme;
(b)require the manager and trustee of the scheme to wind it up.
(3)If the authorisation order is revoked, the revocation does not affect any direction under this section which is then in force.
(4)A direction may be given under this section in relation to a scheme in the case of which the authorisation order has been revoked if a direction under this section was already in force at the time of revocation.
(5)If a person contravenes a direction under this section, section 150 applies to the contravention as it applies to a contravention mentioned in that section.
(6)The Authority may, either on its own initiative or on the application of the manager or trustee of the scheme concerned, revoke or vary a direction given under this section if it appears to the Authority—
(a)in the case of revocation, that it is no longer necessary for the direction to take effect or continue in force;
(b)in the case of variation, that the direction should take effect or continue in force in a different form.
Modifications etc. (not altering text)
C1S. 257(1) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 69(1); S.I. 2001/3538, art. 2(1)
C2S. 257(1)(b) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(7); S.I. 2001/3538, art. 2(1)
C3S. 257(6) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 69(3); S.I. 2001/3538, art. 2(1)
Commencement Information
I1S. 257 wholly in force at 1.12.2001; s. 257 not in force at Royal Assent see s. 431(2); s. 257 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 257 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)